On October 10, the board of directors of Pitcher Corporation declared a 15% share dividend. On October 10, the company had 10,000 ordinary shares with a $1 par issued and outstanding with a market price of $15 per share. The share dividend will be distributed on October 31 to shareholders of record on October 25. Journalize the entries needed for the declaration and distribution of the share dividend.

Question

Quizplus · Accepted Answer

The Answer of On October 10, the board of directors of Pitcher Corporation declared a 15% share dividend. On October 10, the company had 10,000 ordinary shares with a $1 par issued and outstanding with a market price of $15 per share. The share dividend will be distributed on October 31 to shareholders of record on October 25. Journalize the entries needed for the declaration and distribution of the share dividend.

On October 10, the Board of Directors of Pitcher Corporation